New Glencoe MRE expands Fountain Head Development


The Company is pleased to announce its first Mineral Resource Estimate for the Glencoe gold deposit (“Glencoe”) (reported in accordance with the JORC Code, 2012) which is located 3 kilometres north of PNX’s 100% owned Fountain Head Gold Project (“Fountain Head”) in the Pine Creek region of the Northern Territory. The Glencoe acquisition represents a ‘bolt on’ asset that will significantly expand the proposed Fountain Head development as gold resources between Fountain Head and Glencoe now total 235,000 oz. Under the Sale and Purchase Agreement (executed 27 April 2021) with private company, Ausgold Trading Pty Ltd, PNX has acquired Glencoe

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PNX Fountain Head Presentation at the AGES Conference


PNX advises that the attached presentation will be made at the Annual Geoscience Exploration Seminar (AGES) being held today in Alice Springs and will be presented by the Company’s Resource Geologist, Marco Scardigno. AGES is held every year and is the Northern Territory’s premier exploration focused event. AGES is a technical exploration conference with a range of talks from the Northern Territory Geological Survey, its research partners and the exploration industry.

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First development approval received for Fountain Head Gold


PNX Metals Limited is pleased to announce that it has received approval from the Northern Territory Department of Industry, Tourism and Trade (DITT) for a variation to the Company’s Mine Management Plan to allow dewatering of the Fountain Head Pit. This approval is the first stage in the approvals process for the development of the Fountain Head gold Project, where the Company is targeting first production in 2022.

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Key Development Appointment


PNX Metals Limited is pleased to announce the engagement of Mr Craig Wilson as the Company’s Mining, Infrastructure and Studies Manager who will take a leading role in transitioning the Fountain Head gold and Hayes Creek zinc-gold-silver Projects into production. Craig brings a wealth of operational, mine planning and management experience to PNX which will be invaluable as the Company continues to develop exploration areas into operational mines. He is a Mining Engineer (B.Eng. Mining) with over 30 years of industry experience and has been engaged by the Company for the past two years as a consultant.

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Fountain Head Gold Project Development


The Company is pleased to provide an update on the Fountain Head Gold Project development with a number of important milestones reached. The Company has finalised the Sale and Purchase Agreement (SPA) with private company, Ausgold Trading Pty Ltd (“Ausgold”), to acquire the Glencoe Gold Deposit (Glencoe) for a total consideration of $1.875 million. A $0.5 million payment was made in Dec 20’ (fully refundable under certain conditions), with a further $0.675 million due upon execution of the SPA, and the balance to be paid by 31 December 2021 (refer to Key Terms in ASX announcement 10 December 2020 for

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RCR Research Report


PNX Metals Limited - Gold and silver developer preparing for mine approval PNX Metals (ASX: PNX) holds a unique mix of zinc, gold and silver assets 170km south of Darwin in the Northern Territory. Gold resources of 400koz, 16.2Moz of silver and 180kt of zinc, are located on 100% owned Mining Licences. At the Fountain Head Gold Mine, construction of a ±A$40M CIL plant is being evaluated with potential for commencement in 2021. The recent Glencoe acquisition (43koz at 1.9g/t, JORC 2004) shows promise to augment the gold mine and grow resources. We have a Speculative Buy, with a 12-month

Appendix 3G


Appendix 3G in relation to the grant of unquoted Performance Rights under the PNX Metals Limited Employee Performance Rights Plan approved by shareholders at the Annual General Meeting held on 23 October 2019.

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Cleansing Notice Under Section 708A(5)(e)


This notice is given under section 708A(5)(e) of the Corporations Act 2001 (Cth) and the Company’s confirms that it has issued a total of 202,288,206 ordinary shares on 29 January 2021 to sophisticated and professional investors being a placement of the shortfall shares under the non-renounceable rights issue announced to the ASX on 30 November 2020. The related Appendix 2A was lodged with the ASX on 25 January 2021.

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Appendix 2A


Appendix 2A for the quotation of 202,288,626 PNX: Fully Paid Ordinary Shares to be issued on 29 January 2021 for the placement of the non-renounceable rights issue shortfall.

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Strongly Supported Rights Issue Shortfall Placement


The Company is pleased to advise that it has received firm commitments for the full placement of the non-renounceable pro-rata rights issue shortfall, being 202,288,626 new shares (refer ASX release 22 December 2020) pursuant to the non-renounceable pro-rata rights issue (refer ASX release 30 November 2020) which closed on 17 December 2020.

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Notice of Adjustment to Option Exercise Price


The Company refers to its recent one (1) for four (4) non-renounceable pro-rata entitlement issue priced at $0.006 per new share announced on 30 November 2020 (Rights Issue). As a result of the Rights Issue, the Company gives notice that the exercise price of its existing unlisted options to subscribe for PNX shares will be adjusted in accordance with the terms and conditions of issue of the options, effective on 24 December 2020.

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Appendix 2A


Appendix 2A in relation to the issue of 527,950,076 Fully Paid Ordinary Shares (ORD), pursuant to the Non-Renounceable Rights Issue as well as the issue of 1,000,000 Fully Paid Ordinary Shares (ORD) in lieu of payment. Total issue of shares completed today, 24/12/2020, is 528,950,076

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Rights Issue Closure and Shortfall Notification


PNX Metals Limited ("the Company”) is pleased to advise that its non-renounceable pro-rata rights issue (ASX release 30 November 2020) closed at 5:00pm (ACDT) on 17 December 2020. The Company received acceptances for 527,950,076 new shares at an issue price of $0.006 per share for a total $3,167,701 representing an approximate 72% take-up (including oversubscriptions) of the maximum number of new shares available of 730,238,702.  This included participation by a number of major shareholders, including DELPHI Unternehmensberatung Aktiengesellschaft (“DELPHI”) which took up its full entitlement together with the Board and management of the Company.

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Rights Issue Closure Reminder


The Company wishes to remind shareholders that the non-renounceable pro-rata rights issue, announced on 30 November 2020, closes at 5pm (Adelaide time) on Thursday 17 December 2020.  All eligible shareholders should have received their Offer Booklet by now.  If you have not received your booklet and wish to participate, the Company encourages you to contact your broker or custodian, or you can contact the Company directly.

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Refer to PNX’s company page at for Announcements prior to 1 July 2014.